60 real estate Herald & Lantern 15 August '84

9 Carl Mitnick proudly presents The Schooner... a one-of-a-kind cathedral ceiling ranch home. Join us for grand opening festivities, refreshments and a personal tour of the decade's most exciting new seashore home! ! Welcome aboard The Schooner: bright new three-bedr<x>m ranch homes ; featuring two baths, a private garage, dramatic cathedral ceilings. . . and luxurious amenities, quality construction features, and spacious lot sizes that put them in the $100,000 class. limited time CSfi QCA grand opening price vOUjffilU We've already taken orders from buyers who appreciate the best value we've offered in over 60 years of home building. Come join the celebration today! [•TRANQUILITY-! l-ower Townshfi; ape May County Luxury homes overitibking the waterway ! Tranquility. P <> Box 21 1 1. Cape May. N.J. 08204. (609) 884-0055 j Just '•'< mile from Cold Springs exit 0. Garden State Pkwy Models open everyday 10 to 5. ^ Below market financing and cash discounts available. ^

Jin At CREST Savings — m) And Loan Association ^sagoodtime 4 Jc TO OPEN A „ c M MONEY MARKET FUND ACCOUNT Main Office Branch Office 5406 New Jersey Avenue, IM ,11 113 E. Wildwood Ave., Wildwood Crest — — — — Wildwood 522-5115 — 522-1435 low minimum of $2500 safety-1nsured-up to $100,000 HICjH money market rates guaranteed liquidity CALL EITHER OFFICE FOR ADDITIONAL INFORMATION I

I Mortage Plan Boost for Seniors

MT. LAUREL - Prudential-Bache Mortgage services has introduced an Individual Retirement Mortgage Account 'I.R.M A.i through which homeowners 62 years of age and older can receive cash every month for as long as they remain in their homes. In making the announcement, John F Settel. president of Prudential-Bache Mortgage Services, explained that the I.R.M. A. offers consumer access to The Century Plan — a longterm mortgage available initially in the state of New Jersey and in the five Pennsylvania counties in the greater Philadelphia area. BY OFFERING this program. Prudential-Bache becomes the nation's first major financial institution to offer a long-term reverse mortgage, which fills the gap in the services available to senior homeowners. "Over 70 percent of the net worth of senior nomeowners is held in the form of residential equity, yet up until now this form of wealth has been illiquid or inaccessible if a home was not sold." Settel ex plained. "The I.R.M. A. was designed to offer programs that will make it possible for individuals to convert the value of their homes into useable funds. "Inflation has seriously eroded the buying power of j the fixed income that most retired people are living on." he added. "At the same time, inflation has ! made the homes they live in very valuable. In the past, many of these 'house A rich but cash poor' senior homeowners were forced to sell their homes to survive economically " IN LIGHT of the inadequacy of current available to this large population group, the I.R.M. A. is expected to have tremendous impact in helping these people to better use their ow n resources To provide older homeowners with a solution to the dilemma of being house rich but cash poor. Prudential-Bache has entered into an agreement w ith American Homestead Mortgage Corp to offer its newly -designed mortgage product — The CenturyPlan - through the I R MA It gives the elderly the opportunity to enhance the quality of their lives in their retirement years. Under the plan, participants can receive additional income during retirement. Through the I.R.M. A., consumers can receive regular monthly tax-free income. Since the program is very flexible. H can be tailored to meet individual needs." Settel noted. "Homeowners may elect to receive monthly payments, as high as $700, while others might choose, in addition. to receive an im-

mediate cash advance " FACTORS THAT deter mine the amount of the monthly advances are the age of the borrowers, the fair market value of a pro- i perty and the percentage of •j equity of homeowner chooses to convert If the income needs are not that i great at the moment — or because homeowners want to conserve some portion of I their property value for | their heirs — not all of the home equity need be converted I "A loan matures either | on the sale of the home or on the death of the ' homeowner or surviving i spouse." Settel explained. , "In most cases, borrowers will never actually repay ' the loan themselves In- i stead the ( loan will be ( repaid by ttyeir estate after their death V J The estateWll then pay i off the accumulated' prin- , cipal and intert^LpuLof the proceeds from t1*-iale of ' the property. Totaftability | is limited by the v^lue of the home when Ahe loan

matures, even if the principal balance, plus in- 'C~ terest, exceeds the home's value

teliii REAL ESTATE MAO BAYBHORE ROAD N. CARE MAY •M-0101 WE HAVE LOTS OF LOTS N. CAPE MAY:l*|« lot wt» garage presently utefl as a landscape contractor business located on a busy street 112x297 J24.500 townbank. SO i 10C Beach Block building lot ready to be built on and meets all Tourntlilp re- — quiremer.il $17 000 COLO SPRING: Wooded building lot with ) est under 2 acres in an ei elusive area ot lower lownshlp i $17 000 I CAPE MAY: Two 16 i IBO extra large buildaMe lots Very desirable I location $36 500 each ., ( / ERMA: N I Mi MM center / peferty haded In e gilimini wee , / et Leumr TewnaAip. SIMM- ' j / TOWNBANK: Corner let 2 bloc In ) trom the Delaware Bay. M0i and dry / . J excellent lout ran. beildahli lot. subI | eel to minor sabdrvtsion $16 .000

HOW INEXPENSIVE CAN TERM INSURANCE BE? ANNUAL NON-SMOKER RATES" AGE $100.000 $250.000 $500.000 >1.000.000 25 *"7 $233 $300* $575* 35 $132 $270- $315* $815' 45 $213 $473 \ $520' $1,015' i 55 $375 $878 "V.OAO* $1.915' j 65 $807 $1.958 $2,830' $5.635' femefe Rarer Lower iuva ro ape >74 "Preferred Rent i CALL or writ$ I VITALE ASSOCIATES P.O. Box 11282, Elkins Park, Pa. 19117 (215) 635-2810 ' (609)398-1104 ■ . I

VellNst RKAt. MTATI N INBURANCB N. ■> bedrooms, full bath, living room, family room, eatin kitchen, laundry room, large storage room, that could be a 4th bedroom and 1 car garage $59,500.00 PLEASE CALL 886-8101 ■■■■I V\

^ A— J Ift'llVKTOifM MneALTOno Licensed Real Estate Broker H HAVE YOU BEEN L00KM6 lor a three bedroom split level home in Kerth I I m SEAL YEAR mm mm m sunn RETHEAT. Dm t mm m, ■ beautiful three bedroom rancher, convenient la ibonnlna iriei — ' H ■ Avaion bMhes. Home leaturo aiuminuT^rJ.^^o^JS I I Loe,,,d •* Serainlon Won't Iwt H 1 ffjaaswass! = I ■ room, kitchen, lull bath and Florida room. nluShra takaMntumrMv ■ ■ * S43|«-« ■ ■ ^ *»j*td. Iwnhr bodrooa rmtdm m ■ ■ »^3,cSi;rr I I L j 1 886-2704 I ■ I ||1 A 405 BAYSHORE RD. ■ B^r iiT1 INC. OF the villas! ^^&&^FFIC^NDEPEND€NTr^WNED&&ERATED^E